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S&P upgrades Sharjah Islamic Bank’s rating to A-

S&P upgrades Sharjah Islamic Bank’s rating to A-
The bank’s capitalisation was a key driver in boosting the rating
Sharjah Islamic Bank
NBS
-0.45% 2.23 -0.01

UAE - Mubasher: Standard & Poor’s Global Rating Inc has upgraded Sharjah Islamic Bank (SIB) credit long-term rating to A- from BBB+ with a stable outlook.

The upgrade was based on SIB’s significant position as a market player in the UAE’s Islamic banking sector, as well as the increase in its market share, according to a press release.

Moreover, the bank’s capitalisation was a key driver in boosting the rating, in addition to its strong asset quality and the low cost of risk, S&P highlighted.

Mohammed Abdulla, CEO of SIB, commented: “Our balance sheet reflects the bank’s strong performance and sound financial position, and we remain an important instrument in the growth of Sharjah’s economy and supporter of the emirate’s medium-term development strategy.”

“We are optimistic about expanding our business and services from mirco-consumer level to multinational corporations because we have the necessary skills, technology and capacity,” Abdullah added.

During the first quarter of 2019, SIB posted a 6% year-on-year increase in its net profit, logging AED 151.7 million, compared to AED 143.1 million in Q1-18.